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Tubacex (TUB) investor relations material
Tubacex Q1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Q1 2026 sales reached €154.2M, down 15.4% year-over-year, reflecting reduced activity amid global trade uncertainty and lower visibility from U.S. tariffs and Middle East conflict.
EBITDA was €20.0M, a 35.4% decrease year-over-year, with a 13.0% margin maintained through operational discipline.
Net profit was €1.3M, with profit before tax at €1.8M; net financial debt reduced to €338.8M.
Cash generation was positive at €6M despite increased working capital and Middle East tensions.
Order backlog totaled €1,202M, mainly in high value-added products, but with increased uncertainty in project awards and execution.
Financial highlights
Sales: €154.2M, down 15.4% year-over-year and 20.3% sequentially from Q4 2025.
EBITDA: €20.0M, down 35.4% year-over-year; margin at 13.0%.
EBIT: €7.4M, down 61.2% year-over-year.
Net income: €1.3M, down 84.0% year-over-year.
Working capital increased to €339.2M, mainly due to Abu Dhabi disruptions.
Outlook and guidance
Q2 2026 expected to remain volatile due to ongoing Middle East conflict, U.S. tariff uncertainty, and supply chain normalization.
Priorities include restoring operational normality in Abu Dhabi, margin protection, and working capital normalization.
Medium- and long-term prospects supported by energy security trends and diversification.
- EBITDA margin rose to 14.7% despite a 6.3% sales drop and challenging market conditions.TUB
Q4 20259 Apr 2026 - ADNOC ramp-up and Mubadala deal set stage for 2025 growth and margin recovery.TUB
Q2 20243 Feb 2026 - Record €1.56B backlog and €107M EBITDA set up robust growth for 2025.TUB
Q4 20241 Dec 2025 - EBITDA and net profit surged, order backlog stayed strong, and 2025 outlook remains positive.TUB
Q2 202516 Nov 2025 - EBITDA margin rose to 16.1% and profit improved, despite lower sales and higher debt.TUB
Q3 202531 Oct 2025 - Q3 margins improved and strong backlog support growth and deleveraging plans.TUB
Q3 202413 Jun 2025 - Record profitability and strong backlog set stage for accelerated H2 2025 growth.TUB
Q1 20256 Jun 2025
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